External Affairs Minister S Jaishankar said on Tuesday that India-US trade deal talks are pretty far advanced. Both sides are working to resolve remaining differences to reach a final agreement. Jaishankar noted that the outcome depends on terms Washington offers other economies, as officials continue to address key outstanding issues.

External Affairs Minister S Jaishankar on Tuesday said negotiations on the India-US trade deal were approaching a possible conclusion, with both sides working to resolve the remaining differences. He described the discussions as “pretty far advanced” but cautioned that the outcome would also depend on the terms Washington offers to competing economies.

“My sense is that this is an issue which is heading towards a landing point,” Jaishankar said at the Bloomberg New Economy Forum in New Delhi, referring to the ongoing negotiations.

He said officials from India's Commerce and Industry Ministry and the Office of the US Trade Representative were working to address outstanding issues. However, he declined to disclose details, noting that there were still “a few things” to resolve.

The negotiations are taking place amid differences between New Delhi and Washington over tariffs and market access, as both countries seek to advance their bilateral economic relationship.

US tariff policy and India-US strategic ties

Jaishankar said the US had changed its approach to trade and economic engagement, requiring countries to reassess their relationships with Washington.

“The US is today determined to reindustrialise and to reset the terms of access to its economy,” he said, explaining the broader context of Washington's tariff policy.

He noted that the terms negotiated by India would need to be assessed alongside agreements the US reaches with other economies. The outcome of those negotiations could influence the terms available to New Delhi.

Jaishankar also underlined that the India-US relationship remained a strategic partnership, with the underlying areas of convergence between the two countries largely unchanged despite shifts in Washington's approach.

Jaishankar flags one-sided India-China trade

On relations with China, Jaishankar said bilateral ties were moving towards normalcy as peace and tranquillity returned to border areas. However, he warned that any disruption along the border would have consequences for the broader relationship.

He also highlighted persistent trade imbalances between the two countries, describing the situation as “completely tilted” and “extremely one-sided”.

Jaishankar said Indian businesses were not getting a level playing field in China, underscoring New Delhi's concerns over trade asymmetries.

India sees Russia as having multiple options

He observed that the conflict had pushed Moscow to deepen its engagement with Asian countries and argued that it was in India's and the wider world's interest for Russia to retain multiple economic and strategic options.

Jaishankar said India was a natural partner for Russia in this context, highlighting New Delhi's interest in maintaining bilateral engagement amid shifting geopolitical alignments.